SBM Bank Kenya more than doubled its half-year profit as stronger lending, higher customer deposits and improved loan recoveries boosted earnings during the first six months of 2026. The lender posted a pre-tax profit of Sh548 million for the six months ended June 30, 2026, up by 171 per cent from Sh202 million recorded in the same period last year. Customer deposits also grew by 24 per cent to Sh94 billion, while net loans and advances increased by 18 per cent to Sh54.1 billion, signalling stronger customer activity and confidence in the bank. The bank also strengthened its balance sheet,…
Author: NBM CORRESPONDENT
Kenya’s air passenger traffic hit a record 13.1 million passengers in the year to June 2026, rising from 12.95 million the previous year despite weaker international travel demand linked to disruptions in the Middle East. The growth was largely driven by a strong increase in domestic travel, which offset slower international passenger numbers during the period. Preliminary data from the Kenya Airports Authority (KAA) show that passenger traffic increased by one per cent during the year, with about 145,000 additional passengers passing through Kenyan airports compared with the previous year. KAA Managing Director Moses Wekesa said disruptions caused by the…
Shipping stakeholders have called for urgent investment in transport infrastructure to strengthen connectivity and help the Port of Lamu become a competitive regional gateway. The appeal was made during a stakeholder engagement and commercial tour of the port on Monday, July 20, bringing together members of the Kenya Ships Agents Association (KSAA), shipping lines and the Kenya Ports Authority (KPA). The meeting focused on strategies to accelerate business growth at Kenya’s second commercial seaport as vessel traffic and cargo volumes continue to rise. The shipping agents cited inadequate cargo-handling equipment at the quay and container yard, while calling for the…
The Competition Authority of Kenya (CAK) has investigated leading supermarket chains including Naivas, Carrefour and Quickmart over complaints from shoppers alleging misleading shelf pricing. The complaints relate to instances where supermarkets allegedly displayed lower prices on shelves and promotional materials than those charged at the checkout. CAK also investigated claims that some retailers may have inflated prices before advertising discounts, making promotions appear larger than they actually were. In one case, according to CAK’s latest annual report, Carrefour refunded shopper Lena Gathiri after she complained that she was charged a higher price at the counter for a five-kilogramme Dawaat rice…
Kenya is seeking to deepen cooperation with China in tea production, technology transfer and market access as it positions itself to expand exports to the world’s largest tea-consuming nation, the Tea Board of Kenya says. Willy Mutai, the organization’s CEO, said Kenya is leveraging China’s zero-tariff policy and strengthening collaboration with Chinese investors to unlock new opportunities across the tea value chain. The board is working closely with producers to ensure Kenyan tea, a primary agricultural commodity in the country, meets international quality standards through farmer training, advisory services and market promotion initiatives, Mutai said. “We cherish the opportunity that…
Achieving city status is no ordinary milestone. Before an urban centre can earn the designation in Kenya, it must meet a series of constitutional and legal thresholds covering infrastructure, governance, financial sustainability and service delivery. According to the Urban Areas and Cities Act, 2011, an urban area seeking city status must satisfy the criteria set out under Section 5 of the Act and demonstrate its ability to provide services listed under the First Schedule. The following are key requirements that must be met before an urban centre is granted city status: Population of at least 250,000 residents The Act requires…
Safaricom has secured a contract to provide internet connectivity to homes built under Kenya’s Affordable Housing Programme. Connectivity is already live at the first phase of the Mukuru Affordable Housing project in Nairobi, which was officially launched in May. All 14,000 housing units at Mukuru will have internet pre-installed before Safaricom extends the service to other Affordable Housing Programme developments across the country. The agreement positions Safaricom to expand its fixed broadband footprint as more affordable housing units are completed nationwide. Vodacom Group, Safaricom’s South African parent company, first disclosed the agreement in its latest investor communications. “In Kenya, we…
Thika is a step closer to becoming Kenya’s sixth city after the Senate Standing Committee on Devolution approved its application for city status, paving the way for the Kiambu municipality to become the first urban centre in the Mount Kenya region to receive the designation. The committee’s approval follows an assessment that found Thika had fulfilled the legal and administrative requirements necessary for elevation to city status. The evaluation examined key areas including population figures, revenue performance, infrastructure development, healthcare services, water supply, roads, and sewerage systems to determine whether the municipality had the capacity to operate as a sustainable…
President William Ruto is facing renewed political pressure after his ruling United Democratic Alliance (UDA) party suffered a setback in the Ol Kalou parliamentary by-election, where an opposition candidate secured victory. The mini-poll was won by Democracy for Citizens Party (DCP) candidate Sammy Douglas Kamau Waweru, a result that has triggered debate over UDA’s standing in the Mount Kenya region, a key voting bloc that has historically played a significant role in national elections. The outcome has been viewed by some political observers as a sign of growing challenges for the ruling party in the region, where former Deputy President…
For a limited time, download the latest issue of East Africa’s leading business magazine at a special discounted price of Ksh 150 (regularly Ksh 200)! Kenya’s business landscape is shifting at lightning speed — and if you’re not keeping up, you’re falling behind. The July 2026 edition of Nairobi Business Monthly delivers the hard-hitting analysis, exclusive interviews, and market intelligence you need to stay ahead. Download now for only Ksh 150 and get instant access to the stories shaping Kenya’s economy. What’s Inside the July 2026 Edition? Indian Fizz Rattles Coca-Cola Indian billionaire Ravi Jaipuria — known as India’s “Cola…
